ABOITIZ Equity Ventures, Inc. (AEV) reported a 40% increase in second-quarter (Q2) consolidated net income as stronger earnings from its power business, alongside improved contributions from its banking and food units, offset continued weakness in its real estate and infrastructure segments.
The conglomerate’s consolidated net income rose to P7.3 billion within the April-to-June period from P5.2 billion a 12 months earlier.
“This included P8 million of non-recurring items recognized within the second quarter of 2026,” AEV said in a disclosure on Thursday.
For the primary six months of 2026, consolidated net income increased 63% to P13.6 billion from P8.4 billion in the identical period last 12 months.
Excluding non-recurring items, first-half core net income rose 61% to P13.7 billion from P8.5 billion a 12 months earlier. The period included a net non-recurring lack of P51 million.
Power remained AEV’s largest earnings contributor in the primary half, accounting for 61% of total net income contributions. The food and beverage business accounted for twenty-four%, while financial services contributed 21%.
“Transformation is just not defined by a single breakthrough, but by consistently making higher decisions, executing with discipline, and staying focused on long-term goals,” Aboitiz Group President and Chief Executive Officer Sabin M. Aboitiz said in a separate statement.
“Every investment we make today is meant to strengthen our businesses, satisfy our customers, and support our nation’s continued growth,” he added.
AEV’s listed power unit, Aboitiz Power Corp., contributed P10 billion in net income through the first half.
On a standalone basis, Aboitiz Power’s useful earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 21% to P23 billion within the second quarter from P19.1 billion a 12 months earlier.
The rise was driven by higher generation margins, stronger electricity market prices, additional capability from the Caliraya-Botocan-Kalayaan Hydroelectric Power Plant Complex, and the commissioning of the Olongapo (221 megawatt-peak [MWp]), Armenia (47 MWp), and San Manuel (93 MWp) solar energy plants. These gains offset lower availability at the corporate’s coal-fired power plants.
Aboitiz Power’s second-quarter net income rose 31% to P10.5 billion from P8.1 billion a 12 months earlier.
Union Bank of the Philippines (UnionBank) contributed P3.4 billion in net income to AEV through the first half.
On a standalone basis, UnionBank’s net income greater than doubled to P6.9 billion in the primary six months from a 12 months earlier as net revenues increased 9% to P43.1 billion.
Net interest income rose 8% to P33.7 billion, driven by loan growth, while net interest margin widened by 40 basis points to six.9%.
AEV’s food and beverage business contributed P4 billion in first-half net income, up 10% from P3.6 billion, driven by higher volumes and margins at Aboitiz Foods’ flour, livestock feed, and trading businesses, in addition to higher sales volumes at Coca-Cola Europacific Aboitiz Philippines, Inc. The gains were partly offset by losses within the farms and meat businesses.
Meanwhile, AEV’s consolidated real estate business posted a P37-million net loss in the primary half, wider than the P4-million loss a 12 months earlier, mainly on account of losses in its economic estates segment.
The corporate said the weaker performance reflected the timing of revenue recognition, because the comparable 2025 period included revenues from reservation sales made in 2024. Higher leasing revenues, supported by increased occupancy and scheduled rent escalations, partly offset the decline.
AEV’s share in the online lack of Aboitiz InfraCapital, Inc. narrowed to P278 million from P525 million a 12 months earlier as contributions from its airport and digital infrastructure businesses increased. The advance was partly offset by lower water volumes at Apo Agua Infrastructura, Inc. on account of El Niño.
Its share in the online lack of Republic Cement & Constructing Materials, Inc. narrowed to P743 million from P769 million.
Overall, AEV reported an attributable lack of P1 billion from its infrastructure segment in the primary half.
As of June 30, AEV had consolidated assets of P1 trillion, money and money equivalents of P86.6 billion, and a net debt-to-equity ratio of 0.9x.
On the local bourse on Thursday, AEV shares fell 2.74% to P35.50 apiece. — Alexandria Grace C. Magno